Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: The inventory at January 1, 2019, had a retail value of $49,000 and a cost of $34,380 based on the conventional retail method. Transactions during 2019 were as follows: Cost Retail Gross purchases $ 323,040 $ 530,000 Purchase returns 6,300 14,000 Purchase discounts 5,400 Gross sales 509,500 Sales returns 10,000 Employee discounts 5,000 Freight-in 28,500 Net markups 29,000 Net markdowns 14,000 Sales to employees are recorded net of discounts. The retail value of the December 31, 2020, inventory was $85,330, the cost-to-retail percentage for 2020 under the LIFO retail method was 69%, and the appropriate price index was 106% of the January 1, 2020, price level. The retail value of the December 31, 2021, inventory was $52,320, the cost-to-retail percentage for 2021 under the LIFO retail method was 68%, and the appropriate price index was 109% of the January 1, 2020, price level.

minus sign.) Answer is complete but not entirely correct. Cost Retail Cost-to- Retail Ratio $ 49,000 530,000 Beginning inventory Add: Purchases Add: Freight-in Less: Purchase returns Less: Purchase discounts Add: Net markups 34,380 323,040 28,500 (6,300) (5,400) 0 (14,000) 0 0 29,000 594,000 (14,000) 580,000 Less: Net markups Goods available for sale X $ 374,220 Cost-to-retail percentage 63% $ (509,500) (10,000) Less: Net sales Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost 0 (5,000) 575,000 $ 34,650